Home
Artists
Search Recent Random
Posts
Search DMs Popular Hash Lookup Tags Random
Importer
Import FAQ
Register
Partychan Telegram Find&Fuck Waifus ThePornDude
Home Artists Posts Import Register

We are Interviewing Alex CEO Celsius Crypto Lender this Friday. End Game is to dispel any rumors and get to the truth of what the IA community needs to know about Crypto Lending. Taking your Q's: Thanks team. (Patreon)

Published:
2021-06-30 00:07:42
Edited:
2021-06-30 00:39:51
Imported:
2022-03

Content

  1. I would like to start with where he sees the future of crypto lending going and the unbanking of the world.
  2. Then touch on competitiveness with other crypto lenders?
  3. Re DecLending - names such as Aave are they a threat
  4. Then dig into Crypto Lending risk
  5. Borrowing and LTV?
  6. Dig into Stable Coin risk
  7. Talk about re-hypothecation
  8. With Prime Trust leaving, they provided insurance, who and what is now covering customers against a hack?
  9. Counter-party risk?
  10. Why does Celsius have their own CEL Token?
  11. Regulatory Risk.  Confiscation Risk.
  12. Fiat ramp on /off is so bad how are they planning on improving to onboard masses (eg Nexo does a great job) 
  13. How can they afford rates that are so much higher than BlockFi? 
  14. Then go into the actual warranties for customers that lend crypto
  15. Risk Advice for lenders and borrowers? eg 25% loan to value?
  16. We have members who are turned and shunned from traditional banks - any advice for them?
  17. If BTC wicks down 75% during a black swan event causing your LTV to spike executing a margin call, what timeframe do you allow to cover?  
  18. A general question that I like to ask any business: Is there anyone who shouldn’t use your product or service? If so, why?
  19. Others???

Files

Comments

Anonymous

Boom shaka laka! Recording it ?!?

Anonymous

This is awesome James! Appreciate all that you do!

Anonymous

James, What happens to my Celsius loans if Celsius gets banned in the UK.

Anonymous

Would there be insurance in case celsius gets hacked?’

Anonymous

What time Est? I’ll be sure to be there.

Anonymous

This is awesome! Can’t wait to watch

Anonymous

Yay !! Great topics ! I can’t think of anything else to add. Excited!

Anonymous

Yeah, I would like assurance about their financial soundness. How can they afford rates that are so much higher than Blockfi for example?

Anonymous

Wow I can’t wait for this. I’m a Celsius user and would love to hear answers to these questions. Thanks, James!

Anonymous

Impermanent loss. Are they trying anything new?

Anonymous

My question would be, how do you hide trustworthy people as part of a crypto company and how do you safeguard against bad apples?

Anonymous

Is lending to a Celsius for income the same as staking or that’s a totally different concept? If different, is one “safer” than the other? Thanks!

Anonymous

Id be curious to know about his team of devs. How many are there? Are they located all around the world? Do they work on the protocol on a full time basis? Are they paid? I just want to get a better understanding on how dev teams are constructed. Excited to hear the interview!

Anonymous

Roadmap: What are future features that Celsius intends to implement? Billpay via stablecoins? A one-stop platform for trading, earning, payments, etc?

Anonymous

Will there be different types of loans (personal, real estate, etc) and how would that be executed on the network. Safety, reliability, trustworthiness. Defi has to become secure for people to delve that deep into financially.

Anonymous

Any insights or thoughts re regulation in this space especially the centralised space? Is Celsius going to help shape some of the future regulations by working with regulators etc. in the US and other jurisdictions.

Anonymous

How to use Celsius in a “retire, Hodl and live off the interest/loan”? Need a debit card attached to Celsius to avoid having to off ramp on Celsius to then on ramp to an institutional bank.

Anonymous

A general question that I like to ask any business: Is there anyone who shouldn’t use your product or service? If so, why?

Anonymous

"Effing" boom. (Of the purely professional variety obvs).. V excited for this.. Top marks for nailing this down! 👍

Anonymous

1. Fiat ramp on /off is so bad how are they planning on improving to onboard masses (eg swissborg a d nexo do a great job)

Anonymous

I’m very happy this is happening and great questions already! The only thing I would like to add; Celsius has its own token (CEL) and with this it sets itself apart from many other lending platforms. It promotes letting interest being paid out in CEL. They burn quite a lot of CEL on set intervals, but I would like to know why they have CEL and if this brings additional risks?

Anonymous

Everyone I speak to has the same concern about lending. If there is an extreme drop in your collateral value that leads to a margin call or forfeiture of your crypto, how does the process work? How long do you have to produce funds to make yourself whole before you forfeit your crypto?

Anonymous

Do they offer any 'live person' contact for questions, problems, margin call issues, etc. or is all communication done via email?

Anonymous

Does Celsius have security backups? Is it possible for an employee to simply “lose” the key phrase which can put millions of deposits at risk of permanent loss? Similar to that other platform that had an employee recently that lost the password key.

Anonymous

I would like to know his background before crypto (shady or legit) and why he started this type of company. What kind of values and leadership style does he embody. Thanks 😊

Anonymous

James, I actually just asked the question to Celsius AMA with CEO and Team in Twitter during their spaces live feed, it is still live right now. I asked what happens to my loans lf Celsius gets banned in the UK. I got no good response, they said "we will figure it out if that happens".

Anonymous

Dig deep into the Terms of Use - there are some pretty sketchy risks in there. I love that you're doing this interview and hope you will do more in the future.

Anonymous

Are their any forseable sacrifices to risk management that would come with scaling Celsius to 2X, 5X, 10X etc.

Anonymous

I would be interested in security and insurance coverage maintained by Celsius. And, if there is none, why would we want to use it with such risk? Also, why should people who know nothing about Celsius use it? How does he sell the idea of using it to new people?

InvestAnswers
>>62816318

we will pre record first - just in case Alex says something that he wants edited. Will launch premier Friday around 2pm

Anonymous

If BTC falls causing your LTV to spike executing a margin call, do you allow enough time to send cash (i.e., via wire) to satisfy the call?

Anonymous

GREAT QUESTIONS SO FAR!

Anonymous

1. Does he have an exit strategy with Celsius? I’m assuming he has multiple exits at 1B+…Or will he not stop until 100M users and be on board till people become unbanked? ( he is always going on about the next 100m hence the number 😆) How big does Alex think Defi can disrupt the banking sector? What is a valuation he would like to achieve in the next decade and what additional businesses does he plan on expanding the Cel brand? Eg. I heard there are plans to launch cel credit card … one of the main barriers to entry currently stopping people from transferring all their fiat “money” into a stable coin on Celsius from their traditional bank infrastructure is their fiat isn’t easily accessible or withdraw-able on Cel. Will a credit card or a type of debit card be available in the near future? Alex has said many times that he intends to make the company public…token holders and customers have concerns over company shareholders making decisions for short term profits that may hurt the customers and cel token holders…

Anonymous

These are great, James! You touch on some great specific risk areas. It would also be great to understand what he thinks is Celsius' biggest overall risk, at the moment, and how it may be mitigated over time.

Anonymous

I'd like to know if there's an easy on ramp and user interface for the masses in the works that negates the need for copious amounts of kyc & 2fa and the like for simple transactions p2p.. Assuming that is the end game for loans?

Anonymous

These are all great. I was using Celsius and then I got spooked because they didn’t offer any insurance in case of a hack. They could literally rule the word if they did so. I know Machinsky claims they have the best of the best when it comes to security, however, it’s not enough to invest on trust alone.

Anonymous

WAY TO GO JAMES!!! You are performing a great kindness to your members. Have a rapid fire section, so you get a chance to get all the questions in..he can pontificate somewhat and if there is a hard stop, the quick fire is away for him to not feel guilty he has short answers…Really very happy to see this happening..

Anonymous

I really love you James are going to get answers on 🔥 topics not only for Celsius users but the entire community of us investors. I will be watching. I have some capital gaining yields on two platforms. It’s a real concern.

Anonymous

I'd like to know tax implications for gains and losses. Interest earned Capital gains or interest income. If interest income taxed at 100% what happens if there's a loss?

Anonymous

Where does he see inflation in USA going from now through 2030? OR for a simple person like me, in 2030 what will the purchasing power of $100,000 in fiat USD be compared to today's dollars? I am trying to build out my portfolio and 2030 is my first big target. Thanks

Anonymous
>>62817457

For the US you can declare up to 3K in loses as far as I know. Yields get taxed on your regular income tax bracket (also to the best of my knowledge)

Anonymous

I am from Ontario, and nervous to move my ETH and BTC from the Canadian exchanges with what happened with Binance. Currently I am Hodling on NDAX. Can you ask if I should be concerned what happened here with Binance could happen with Celsius? I have a Celsius wallet set up and want to hodl there for 5 to 10 years. Thank you.

Anonymous

Questions - where does he think the CEL token price could go. I have never heard him offer an opinion. He has with BTC but not for the token. Does he think $100 is achievable? How will he manage the CEL HODL culture once In App swaps are available? Will he still pay all the transfer fees??? Is becoming the ‘Amazon’ of retail, consumer banking his vision…like VOIP, now its MOIP? When is the friggin 2nd funding round going to happen? Why does he announce stuff so early? Like the credit card, InApp swap, Invest w/ Celsius projects. What is his biggest fear for Celsius? I’ve been with CEL for three years and I think Alex is going to change the world.

Anonymous

An extension of Q8. "With Prime Trust leaving, they provided insurance, who and what is now covering customers against a hack?" IF there is a hack what are the processes around reimbursing customers against a hack/smart contract attack. Do they divulge their treasury holdings as some assurance against this??

Anonymous

A kinda sensitive topic …customer service and scalability …I feel these are the biggest obstacles to reaching 100m new users… the chat bot sucks, it gives very placating answers there is no human interface which is scary for non crypto peops on boarding, the response time sucks… I think they are having an issue with scalability service levels ( huge delays withdrawals etc returning messages, though some of this is common to the exchanges but he seems to hate the exchanges but is not differentiating customer service and scalability issues from them….

Anonymous

Incredible James! I'd also love a post commentary from you 🙏🏻

Anonymous

James, Coinbase is getting into USDC lending at 4%. Not a threat ratewise to Celsius or BlockFi. But Coinbase has huge customer base, and USDC deposit, not to mention their fantastic on/off ramp. It’s a win for Coinbase, I am getting more Coinbase stocks. Ask Alex what he thinks about this. Net net Coinbase USDC 4% is great news to bring masses to crypto.

Anonymous

Thanks for doing this James! You are so helpful to all of us, appreciate you so much!

Anonymous

This is spectacular! I've been very vocal about asking for a Celsius review. I have been following Alex for over a year looking for red flags and continue to find him to be a stellar leader. I admire his visibility and accessibility and couldn't be happier to be able to witness an interview between two of my most trusted people in the crypto space right now. Thank you James!

Anonymous

One more thing..all of you who are asking a lot of basic questions…Most of them have been addressed in his WEEKLY AMA..1pm EST .this week they are announcing the Proof of Community project…Celsius is the most TRANSPARENT and thus trustworthy crypto company …bar none. Alex is already a billionaire or close to it…he’s not doing this for the $$ He’s doing it to help the masses. #UnBankYourself.

Anonymous

Thanks for the good work James those Q are straight and true to the vital points, I think some are going to be hard even for Alex ! Looking forward to it! lots of love!

Anonymous

Also if the traditional banks start to fight back and all of a sudden offered high interest, would that remove people's primary motivation for joining Celsius? What is his game plan in that scenario..?

Anonymous
>>62818002

I agree about these challenges. I love Celsius and Alex, but there are for sure customer service challenges. Especially (from my experience) getting fiat transferred in to buy tokens etc.

Anonymous

I just took a $50k loan at 25% LTV at 1% for three years…took 2 days…sweet!

Anonymous
>>62816640

Yes …also how does treasury manage funds and Cel tokens. There are roughly 240M circulating but up to 700M total…how are they managing risk

Anonymous

Hi James, I’m from the UK - it would be great to get an understanding of the barriers crypto lending is facing in the UK, and what he thinks is necessary to make the FCA comfortable with the crypto space. Also, I have a Celsius account - am I going to have to remove my coins from Celsius?

Anonymous

RIGHT NOW ALEX IS ON TWITTER ON SPACES, JOIN NOW

Anonymous

2 things: 1)insurance?(if the bank gets robbed) Shouldn't that be built in like Binance did, 2)what does the future hold if giants like current institutions decide to offer the same. Ex. Citibank or even Sofi Right now they don't have to compete but in 4 years?

Anonymous

A more general question. What would be the pros and cons of lending from within a Roth Ira? I'd like to retain ownership of my BTC and ETH but receive a fee for lending/staking.

Anonymous

Celsius is CeFi, not DeFi..DeFi is the Wild West…I trust Celsius to manage my funds…Your Keys, Your fault! James is the one who told us that over 13million BTC is lost forever… no thanks…

Anonymous

I think about the Mt. Gox debacle and the loss of funds in the early days of BTC. Since lending and ltv is in its infancy, what would the advantage be in being a test subject, vs. waiting til the space matures and solidifies itself? Why does he think the reward out ways the risk?

Anonymous

Hey James, I'm a very happy Cel user. I'd be interested to hear about 3 things not included on your list thus far: 1. The coming credit card, especially, how is it different from existing products; 2. Insurance for depositors- when is it coming and how will it work; 3. Other new products on the horizon. Cheers from the Yarra Valley, MJ

Anonymous

Also I think it’s always fun and flattering to the interviewee to ask for their predictions. Alex Mashinsky has stated Bitcoin to reach $160,000 end of 2021 …what are his other top predictions …eth? Flippening? DeFi size? Etc etc …

Anonymous

Please ask him if he can recommend any crypto insurance providers for celcius

Anonymous

I heard that blockfi has a clause that says if they get hacked you are SOL. I admit I didn’t read all the clauses in the Celsius terms I agreed to (I have closed the loan). This is why I won’t get another loan with the. Until they have a multisig setup. Overall I was happy with the loan. The funds were wired to me in about 36 hours. It would have been sooner if I sent them the wire routing number rather than the ACH rooting number.

Anonymous

High rates attract depositors, what attracts institutional borrowers over competition?

Anonymous

Some questions or comments: Why pay interest on up to 2 BTC? Wondering what the deal is, could be sign of liquidity issues. The whole prime trust issue is centered on NY users but somehow everyone including Celsius comments look like they are talking about all customers. They do hypothecate, just not NY user’s coins Thanks!!!

Anonymous

Those of us with skin in the game look forward to your Alex Mashinsky free-for-all with keen interest. His opinion of FDIC insurance would certainly be germane, as would his understanding of the framework for depositor bail-ins of failing banks.

Anonymous

Will there be a partnership with the use of lending via a hardware wallet such as Ledger or Trezor?

Anonymous

Not sure if this question has been asked prior, what is the primary purpose of the borrowers? Is it for short selling? In the equities world securities lending is primarily used for covering short selling (some countries regulate and no naked short selling are allowed).

Anonymous

When is ADA coming?

Anonymous

All the best on the interview. Ive seen him in a couple of interviews and he seems like a very straight shooter.

Anonymous

Just saw article saying that mircea popescu, billionaire owner of one million bitcoin's died suddenly and no one sure if he had plan for coins after death. Maybe lost?

Anonymous

Well let's hope you get the truth cus most of them lie through their teeth.

Anonymous

So exciting! Can't wait for this interview. Thank you so much James!

Anonymous

I don’t have a question, rather I have a statement: Do it all over again but in a decentralized way without humbling us to the God of KYC. Thank you in advance.

Anonymous

I just want to know what is a good stable of coins to have if that’s even a topic. I mainly have BTC, Eth and Ada as my at 40%, 20% 20% with 5 -7 % in Alt : Solana, Link, Aave and Matic.. this may be a not question for the Topic of Discussion but is that a pretty good mix and should I possibly get consider changing the ratios with upcoming changes in ETH and ADA? I mean to add DOT into the mix also. I intend to lean more heavily on the 3 main coins I have though.. Thanks!! I’m HODLING btw.. Not a Day Trader..

Anonymous

I love Celsius and transfer and hold most of my crypto there. I am wondering if they plan to add SOL or ZIL?

Anonymous

Can’t wait for this interview, to put it simply “Is DeFi a Ponzi Scheme, if not then why?” Thanks James, best of luck.

Anonymous

You will do a great job - no doubts.

Anonymous

bring on the content James... we applaud you for stepping out for us

Anonymous

Also I agree that their on ramp for buying coins is not so good. But I understand that they are not trying to be a one stop shop. They are a wallet and lender. Nevertheless, it would be easier for most people to buy and store in the same place. Their buy prices are not very good and they don't have limit orders. But they have a 10 min price lock. I only bought once and it took more than 5 days for me to get the coin in the wallet. But GEM (or is it Wyre?) has excellent customer service through email and their support tickets and the ACH fee is nominal. I buy elsewhere and transfer. Do they want to improve this aspect of their app or are they happy as is and with this partnership?

Anonymous
>>62819808

I use swissborg app, with premium membership you get a 20m safety net if something happened in terms of a hack you are covered. I store my btc coins there!

InvestAnswers
>>62817475

I don't think he is the right person to ask. But I can tell you the PP of $1M in 2030 will be no more than $540,000.

Anonymous

Thanks let's hope so? There's only 2 people I listen too on YouTube you and one other. Peace

Anonymous

They’re (Celsius) working on “proof of community”, perhaps Alex could elaborate on why this is something they are perusing?

InvestAnswers
>>62817396

Precisely, I want to tee it up to pack in as much info as possible. 30 mins - 30 Q's :D - quick fire is exactly what we have planned. I would hate to have him waffle on about one item and kill the clock.

Anonymous

Please ask why the international rates.for staking BTC are half of the USA rates. Thank you

Anonymous

Not directly related to Celcius but .. YouTube Questions Asked or other Questions to ask. ... Do you see transactions fees with bitcoin in future being an issue if adoption were to continue increasing in an exponential fashion? Do you see any future for adoption of DeFi on the Bitcoin network (natively) and in permissionless way? For instance projects like SOVRYN aiming to provide layer 2 smart contract features on Bitcoin network natively using merge mining techniques where the hashing is still done and secured by the bitcoin miners but also additionally giving bitcoin the properties of smart contracts and avoiding the Ethereum network ? Seems like a holy grail as it purports ability to transact straight from your wallet, and no KYC to worry about Thanks for your continued content James as always 🙂❤️! 👍 One more... With regulations always bouncing around is there a place for something like Celcius but where folk can plug in there own wallets like ledgers to make earn APY as well along side as an additional option

Anonymous

Really looking forward to this James especially knowing how you will interview Alex. Big respect for both of you in this space so it’s on the top of my watch list without a doubt

Anonymous

I cannot wait to hear what he has to say really looking forward to this one! I would like to know why SOL is not available on celsius atm, i can see there are a lot of options available and also coming soon but SOL isnt one of them yet i see solana as one of the ones to watch so im wondering why its not available yet?

Anonymous

Why did the prime trust people cut ties with Celsius?? Any potential replacement??? I use Celsius I have been pleased. Loan at 1% it’s easy and fast. Your collateralized assets do get locked and no yield while you had it locked up. Like others mentioned, a challenge to buy with fiat, and availability of customer service are the biggest area for improvement. Rates calculated weekly, payments every week!! Alex is rich, now he wants to help the people. “I’m not doing this for me I’m doing this for you”

Anonymous
>>62819112

I think it’s 4 million lost forever. 13 million is is 2/3 of all coins ever made.

Anonymous

Where did Celius' startup capital come from?

Anonymous

<@803755664933257217> Question for Celsius on Friday. Could you ask about the recent move of the business from the UK to US to avoid an apparent “clamp-down”/increase in regulation from the FCA? And how this will affect current users (UK and Germany sign up is currently suspended). Also, do they have any updates about insurance? They have talked about Celsius wallet insurance for a while now- I think this could be perfect for those who are afraid of third counterparty risk. Thanks!!

Anonymous

2 questions: - why is it possible to do things on the phone app that you can't do on the PC app. Personaly I am more comfortable with a big screen and a mouse for some operations. - do they intend on issuing a credit card? It is a logical step to "unbank" us.

Anonymous

Why are they better than Block Fi?

Anonymous

I would like to here him how he sell Celsius over Block Fi. ( rates are not everything)

Anonymous

I am a Celsius user for almost a year now, so ... The Fiat on ramp is indeed an issue to drill into. You might also discuss partnership with iHeart Radio, Visa partnership and credit card plan differentiation, security esp. with Fireblocks lost ETH and Proof of Community. Thank you for your hard work. Cheers!

Anonymous
>>62834640

Second this Question regarding Prime Trust - it's a big problem for trust and one of the reasons I, for one, am not yet willing to take my crypto to Celsius. Another question would be: "Tell us why a crypto holder would prefer using Celsius for rewards instead of e.g. staking his stakeable crypto. Safety is crypto holders' prime concern, rates come second to that; no-one wants to risk crypto expected to appreciate enormously in the next 10 years for 5.5%. What steps are they undertaking to ensure the safety of our holdings?

Anonymous

Do you have referral code for the group? Thanks again

Anonymous

Are they going to do crypto collateral loans in California sometime in the future ? Currently it’s not available for California residents.

Anonymous

This is REAL crypto content (as usual)! Bravo for putting this together.

Anonymous

Very excited about this interview! Great questions!

Anonymous

If you're a HODL'er, I think borrowing fiat against crypto is a great idea... **IF** you can feel that your crypto held as security is safe and insured against loss.

Anonymous
>>62819059

not advice, but I think lending from an IRA is prohibited...

Anonymous

Visa has stated that its next immediate focus is supporting direct transactions with CBDC and stable coins: given the fiat on-ramp off ramp issues and the fed governors talk about stable coin threats, it would be good to know Celsius views on stable-coin future regulations etc.. if Visa is to beca partner?

Anonymous

No doubt you have this James: Competition from other crypto lenders : Coinbase etc

Anonymous

Background read by Celsius CFO pre interview https://link.medium.com/WjLmPE5Qvhb

Anonymous

What type of effort is Celsius putting into making collateral loans available in states that currently don't allow? I'm in Alabama and got rejected for this reason.

Anonymous

Why are the weekly Celsius interest rates different in the USA to International? Currently on the website, in the USA: BTC is 6.2%, ETH 5.05, and internationally: BTC 4.4%, ETH 6.35%. I noticed my actual rates are actually lower in the app and email updates. Thanks for taking the time to communicate with the IA community.

Anonymous

When Celsius will allow ADA to Hold?

Anonymous

Impactante

Anonymous

Wanted to ask about rate affordability compared to other lending platforms. How do they afford such high rates??!

Anonymous

Differences between countries? rates, loans credit cards and rationale. I have been using Celsius for over a year and used a collateralised loan; paid off early with minimal interest. Very Happy with the service. Possibly moving to UK permanently and wondering about implications for use; rumblings of changes ahead ie loans not allowed? Love the weekly earnings memo so motivating to Hodl.

Anonymous
>>62835031

It came from the original ICO at 0.25$ …now it’s $6

Anonymous

How will the bear market change their business model and reates?

Anonymous

Provide a list of which countries they are regulated. It would appear that they are not in the U.K. https://celsiusnetwork.medium.com/celsius-community-update-june-23-2021-a28fca899091

Anonymous

Interesting development! https://cointelegraph.com/news/celsius-users-to-receive-yield-from-its-200m-bitcoin-mining-investment

Anonymous

May be somebody already noticed / asked these questions, but I am asking just in case. 1. On their website advertised APY of 17.78% is only for International Rates and only for one (some coins) The highest US rate is 13.99% for one (some coins). Why discrimination? 2. If you play with their rates calculator and put: $66000, BTC, for 1 Year. The result is $4,220 or 6.20% BUT for just 1K more you get twice less: $67000, BTC, for 1 Year. The result is $2,392 or 3.51% Is that how it is supposed to work ? Thank You.

Anonymous

PLS CLARIFY PRIME TRUST relationship and ALSO ABRA AS ANOTHER CHOICE…. Thanks James! 👍🏽😎

Anonymous

I'd like to know more details about the breakup between Celsius and Prime Trust. Who initiated it and for what reason?

Anonymous

What is Celsius capitalization.

Anonymous

James I am late to this but PLEASE ask him when/if Celsius will be allowed for us New Yorkers!

Anonymous

Hi , is it too late to add a question? If not and appropriate, can he clarify this part of the Celsius Risk Disclosure: "However, by engaging with Celsius you acknowledge that there is a risk that Celsius may become unable to repay its obligations to its creditors, in which case your funds may be lost, in whole or in part."